Resources-based publicly listed firm PT Ancora Indonesia Resources Tbk suffered a 70.64% plunge in net income to IDR 6.71 billion in the first half of this year from IDR 22.87 billion a year earlier.
Despite its earning drop, Ancore remained in revenue growth as of June 2010.
In the financial statement published last night, Ancora posted a 19.8% increase in revenue from IDR 600.93 billion to IDR 719.98 billion in 1H 2010.
However, Ancora failed to retain cost of goods sales and other charges at lower level. In return, both factors eroded operating profit of 41.36% from IDR 93.78 billion to IDR 54.98 billion.
The financial statement also revealed the company's action to liquidate its subsidiary dubbed PT Ancora Mining Services hasn't completed yet as liquidator hasn't the report.
The other subsidiary, namely PT Multi Nitrotama Kimia, has obtained US$ 2.7 million loan facility from PT Bank Permata Tbk, charging 6% annual interest.
Ancore stocks rose 6.25% to IDR 340 yesterday, sending a market capitalization of IDR 600.42 billion.
Despite its earning drop, Ancore remained in revenue growth as of June 2010.
In the financial statement published last night, Ancora posted a 19.8% increase in revenue from IDR 600.93 billion to IDR 719.98 billion in 1H 2010.
However, Ancora failed to retain cost of goods sales and other charges at lower level. In return, both factors eroded operating profit of 41.36% from IDR 93.78 billion to IDR 54.98 billion.
The financial statement also revealed the company's action to liquidate its subsidiary dubbed PT Ancora Mining Services hasn't completed yet as liquidator hasn't the report.
The other subsidiary, namely PT Multi Nitrotama Kimia, has obtained US$ 2.7 million loan facility from PT Bank Permata Tbk, charging 6% annual interest.
Ancore stocks rose 6.25% to IDR 340 yesterday, sending a market capitalization of IDR 600.42 billion.
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